Question: Explain why auditors need to consider both existence and occurrence
Explain why auditors need to consider both existence and occurrence, and completeness when auditing an account balance? In terms of the transactions posted, how much “audit comfort” does investigating these two assertions provide?
Answer to relevant QuestionsWhat is the value of auditors going through a formal process of linking management assertions to audit procedures to collect evidence? How does this process improve the audit?Why are analytical procedures a required step in audit planning?Order the following pieces of evidence based on their reliability from most to least reliable: (a) A memo prepared internally and sent from the audit client CFO to the audit client CEO.(b) An oral communication with the same ...What is the difference between audits performed under PCAOB and AICPA standards?What is the difference between convincing and persuasive evidence?
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